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Stock Based Compensation
9 Months Ended
Sep. 30, 2011
Stock-Based Compensation [Abstract] 
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
Stock-Based Compensation

Stock Options:

A summary of option activity under our 1998 Stock Option plan for the nine months ended September 30, 2011 is presented below.

 
Number
 of
Stock Options
 
Weighted Average
Exercise
 Price
 
Weighted
Average
Remaining
Contractual Life (years)
 
Aggregate
Intrinsic
Value
(in thousands)
Outstanding, December 31, 2010
423,206

 
$
14.76

 
 7.33

 
$
1,858

Granted
30,000

 
17.60

 
 8.00

 
—

Exercised
(18,571
)
 
10.66

 
—

 
127

Canceled/Forfeited
(3,333
)
 
17.51

 
—

 
4

Outstanding, September 30, 2011
431,302

 
$
15.12

 
6.76

 
$
541

Exercisable, September 30, 2011
333,968

 
$
14.47

 
6.26

 
$
512


We granted an option to purchase 10,000 shares to our Vice President of Technical Services and 17,000 shares to our non-executive employees on January 24, 2011 at an exercise price of $17.81 with a three year vesting period. We also granted additional options to purchase 3,000 shares to non-executive employees on June 14, 2011 at an exercise price of $15.70 with a three year vesting period.
 
 
The following table summarizes information about our stock options outstanding at September 30, 2011:

 
Range of Exercise Prices
 
Options Outstanding
 
Options Exercisable
 
Shares
 
Weighted
Average
Remaining
Contractual
Life (years)
 
Weighted
Average
Exercise
Price
 
Shares
 
Weighted
Average
Exercise
Price
0.01 - 5.58
 
7,500

 
1.92

 
$
4.99

 
7,500

 
$
4.99

5.59 – 9.43
 
94,239

 
5.23

 
8.63

 
94,239

 
8.63

9.44 – 15.60
 
65,000

 
6.24

 
12.34

 
55,000

 
12.77

15.61 – 20.48
 
264,563

 
7.56

 
18.40

 
177,229

 
18.50

0.01 – 20.48
 
431,302

 
6.76

 
$
15.12

 
333,968

 
$
14.47


The summary of the status of our unvested stock options as of December 31, 2010 and changes during the nine months ended September 30, 2011 is presented below.

 
 
 
Unvested stock options:
Shares
 
Weighted Average
Grant Date Fair Value
Unvested at December 31, 2010 
116,333

 
$
8.18

Granted
30,000

 
10.01

Vested
(48,999
)
 
7.99

Unvested at September 30, 2011
97,334

 
$
8.84


As of September 30, 2011, there was $494,992 of unrecognized compensation cost related to unvested options.  Such cost is expected to be recognized over a weighted-average period of 1.64 years.  Total compensation expense for stock options was $676,000 and $359,126 for the nine months ended September 30, 2010 and 2011, respectively.

Restricted Stock:

On January 24, 2011, we awarded and issued 5,985 shares of restricted stock to two executive officers. The restricted stock awarded vests one year from the date of grant. On January 27, 2011, we awarded and issued 20,000 shares of restricted stock to our Chief Executive Officer pursuant to the terms of his employment agreement. The restricted stock vests one year from the date of the grant. On June 15, 2011, we awarded and issued 10,000 shares of restricted stock to two executive officers. The restricted stock vests in annual one-third installments beginning on the first anniversary date of the award. On April 11, 2011, we awarded and issued 12,500 shares of restricted stock to our Board of Directors as part payment for 2011 Director fees. The restricted stock vests in quarterly installments beginning in 2012. On July 29, 2011, 625 shares of restricted stock were awarded and issued to a retiring director. These shares vested immediately. Total compensation expense related to restricted stock awards was $198,000 and $452,392 for the nine months ended September 30, 2010 and 2011, respectively. As of September 30, 2011, there was a total of $369,377 of unrecognized compensation expenses related to these shares of restricted stock.